US-100 which way to go(Note I have not considered last and upcoming news events)
Trend: The daily chart is in a bullish trend, moving within an upward channel. Higher highs and higher lows indicate sustained buying pressure.
Key Levels:
Resistance: Around 21,200 - 21,300, where price could encounter selling pressure.
Support: Strong support around 20,600 and additional lower support near 16,776, though this is a much deeper level.
Market Structure: Recent price action shows signs of consolidation near the upper channel, suggesting a potential pullback before the next move up.
4-Hour Timeframe:
Trend: The 4-hour chart also displays a bullish trend within a narrower range, but with some recent retracements that align with minor supply zones.
1-Hour Timeframe:
Trend: The hourly chart shows a short-term consolidation near the upper range of the trend channel. Some break-of-structure (BOS) and change-of-character (CHoCH) points are visible, indicating shifts in short-term momentum.
My take: The hourly trend could either break out above 21,200, aligning with the daily bullish trend, or pull back to support around 20,800, reinforcing the consolidation pattern before a potential upward move.